What's an investment mogul to do? Boy, do we have a "green" opportunity for you.

Marijuana is now fully legal in two states,  Colorado and Washington, following last week's elections. There are opportunities here for high-yield returns:

The quasi-legal-marijuana business in the United States is said to have been worth $1.7 billion in 2011 and, with full legalization in two states and medical status in at least 16 others, it's looking to be a blossoming proposition.

But how can you get in on it?

You could go down to your local dispensary and invest in some Michael Phelps, but we have a feeling that the returns would not be too long-lasting.

Rather, the newspaper of the investment elite, the  Wall Street Street Journal , via it's MarketWatch site, has actual tips on how to sink your money into marijuana without it going up in smoke.

The future is here.

Hollywood's own  Medbox is mentioned as a possibility. The company makes medical marijuana dispensing machines that MarketWatch says could be used in drug stores someday.

There are several companies that test medical marijuana for quality and pesticides.

Of course, there are marijuana treats and even beverages such as  Dixie Elixir .

And there are vaporizers and electronic cigarettes.  Cheryl Shuman of Beverly Hills NORML has been a tireless promoter of  Rapid Fire Marketing 's vaporizers, including its new Cumulus Vapor Inhaler.

The big hurtle to big money is the federal government, which continues to crack down on medical marijuana sellers in states where it's otherwise legal.

It's still a risky business. But aren't all investments?

[ @dennisjromero /  djromero@laweekly.com /  @LAWeeklyNews ]